EUR/USD October 22 – Choppy Trading Continues
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EUR/USD October 22 – Choppy Trading Continues

EUR/USD continues to trade  aggressively, providing opportunities for day traders, and still looking for a direction  Here’s a quick update on technicals, fundamentals and community trends.

eur usd forecast october 22

EUR/USD struggling.

EUR/USD Technicals

  • Asian session:  EUR/USD made an attempt to break above 1.40, and failed..
  • Current Range between 1.3830 and 1.3950.
  • Further levels in both direcstions: Below,   1.3830, 1.3775, 1.3637, 1.3530, 1.3430 and 1.3333.  Above   1.4030, 1.4120, 1.42, 1.4450 and 1.4580.
  • 1.4030 proved to be a strong line in the past.
  • 1.3830 is the key on the bottom.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 7:00 German Ifo Business Climate. Exp. 106.5. Actual 107.6. Euro positive.
  • 13:00 Belgium NBB Business Climate. Exp. -3.5 points.

EUR/USD Sentiment

  • Debt issues never went away, but the market disregards them. Maybe they will get more attention, especially with budgets in Ireland and Portugal.
  • The inevitable second round of quantitative easing in the US still weighs on weakens the dollar, but the size of QE depends on the current situation and especially on jobs which disappointed on Friday. QE2 now looks imminent, but also fully priced in the dollar’s weakness – comments regarding the size will have a strong impact on EUR/USD.
  • Currensee Community: 54% are long, 46% are short, up from 53:47  yesterday. These are 1091 open positions in real accounts trading this pair at the moment.

Want to see what other traders are doing in real accounts? Check out Currensee. It’s free..

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.